According to REIWA, data for April and May suggests the median price in Perth has fallen 3 per cent since the March quarter with the majority of this decline occurring in April.

Turnover rebounded 14% in May after the 18% dip in April with current estimates suggesting total turnover in the June quarter will be similar to the March quarter. Listings have been trending down over the past couple of months after peaking at 18,200 in April.

The fall in listings is primarily due to lower volumes of house listings as multi-residential and land listings have only moved marginally over the past two months.

There has been no movement in the median metro rent for the three months to May, and it’s steady at $380 per week. The vacancy rate has stabilised at around 3.2% for the three months to May with a preliminary monthly figure of 3.5% for the month of May but there are still a number of vacancy survey returns outstanding.